JAKARTA Twitter boss Elon Musk is a cryptocurrency supporter. Until now he still holds a number of cryptocurrencies including Bitcoin, Ethereum, and Dogecoin. The potential to integrate payment features on Twitter is very wide open under Musk's leadership.
Payment functionality on Twitter is reportedly still in the development stage and will prioritize its focus on fiat money. Even so, technology to support this payment will be built to allow the use of cryptocurrencies in the future.
Twitter will enter the world of payments by forming a Twitter Payments LLC. This was reported by the Financial Times on Monday, January 30, 2023. Esther Crawford, Director of the Twitter Products Performance, led a small team to map out the payment architecture on the platform.
Twitter has also applied for state regulation licenses across the US and is already listed as a payment processor by the US Treasury Department in November. The company's plan is to obtain complete licensing in the US within a year and then expand internationally.
Twitter also has a vision to deliver a series of payment services, from peer-to-peer transactions to debit/credit cards, to facilitate payments, trade and messaging. It even allows people to buy products directly through the platform. At the same time, Elon Musk teased to add Dogecoin payment options to Twitter, although no similar plans have yet been confirmed.
According to The New York Times report, the initial Pitch Deck shown to investors in May showed that Musk plans to dominate a payout revenue of $1.3 billion from Twitter by 2028. This is part of Musk's efforts to make Twitter more profitable, including putting verification behind paywall and cutting thousands of employees from this business.
Before Musk took over, Twitter had already explored tips and e-commerce features. Lightning-based Bitcoin tips feature is included in the update, with Ether tips and NFT support coming soon.
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